Newly Introduced: The “American Innovation $1 Coin Act”

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On Wednesday, September 14, Representative James A. Himes introduced H.R. 6025, known as the “American Innovation $1 Coin Act.”

If adopted, the act would authorize $1 numismatic coins whose designs recognize both American innovation in general and “significant innovation and pioneering efforts of [American] individuals or groups.” One coin would be released for each of the 50 states, the District of Columbia, and the U.S. territories, in alphabetical order.

The program, if approved, could commence as early as January 1, 2017, as determined by the Secretary of the Treasury, who would also determine the appropriate quantities of Uncirculated and Proof strikes.

Per the language of H.R. 6025, if “it is not feasible and cost-effective to mint and issue American Innovation $1 coins beginning in 2017, the Secretary may mint and issue $1 coins bearing the designs of such Presidential $1 . . . that the Secretary determines to be appropriate.” Native American $1 coins would continue to be produced concurrently, regardless.

The act specifies the following design elements:

  • Obverse—a design symbolic of Liberty, and the inscription “In God We Trust.”
  • Reverse—for each state/district/territory, an image or images of a significant innovation, an innovator or pioneer, or a group of innovators or pioneers; plus the name of the state/district/territory, the denomination, and “United States of America.”
  • Edge—the year of minting or issuance and the inscription “E Pluribus Unum.”

Specific designs would be chosen by the Secretary after consultation with the chief executive of each entity and the Commission of Fine Arts, and review by the Citizens Coinage Advisory Committee.

The bill was referred to the House Committee on Financial Services.



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Comments

  1. David says

    Taking it a step further, we end up having to pay a premium to get these coins as they aren’t seen in circulation too much.

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